For many, emotional intelligence (EQ) is more important than one's intelligence (IQ) in attaining success in their lives and careers. "Your EQ is the level of your ability to understand other people, what motivates them and how to work cooperatively with them," says Harvard theorist Howard Gardner. In this global economy, each one of us must develop EQ skills to better understand, empathize and negotiate with other people.

An advisory board can be very beneficial to your business, but it's important to understand that the board isn't there for the business' benefit - it's there to help the business owner achieve greater levels of success. If you want to play the bigger game and are serious about building your business, you need an advisory board.

From giving objective advice to scouting the marketplace, an advisory board can give your organization the edge it needs to compete at a higher level. This is particularly true if you have a business with over $1 million in revenue and either a business partner or ambitions of passing the business to your children someday.

When I worked at the consulting firm of Former Secretary of Defense William Cohen, I was in awe of Carol, the receptionist. Carol seemed to be a magician who could make pretty much anything happen, and often when The Secretary needed a miracle, it was often her he called upon. I used to joke that I would give anything to have a copy of Carol's Rolodex. What I didn't realize at the time was her Rolodex would have been useless to me. Why? Because she had spent years cultivating relationships with the individuals in her Rolodex. A network is so much more than a name, email address, and phone number. Carol had nurtured and grown a network that would bend over backward to help her make miracles happen. She sent birthday cards, flowers for anniversaries, emails acknowledging milestones, and hundreds of other small touches to develop relationships instead of acquaintances.

The Key Operating Partner, or Managing Owner, has always played a critical role for any new Franchisee Group or Partnership necessary to gain approval from the Franchisor. In the past, this role did not necessarily carry the same level of importance, prestige or respect as traditional corporate positions. However, there has been a change in the investment and acquisition strategies of private equity firms over the past couple of years, in part since multiples for buying a whole company have gotten rather steep compared to valuations in the past.